Hiding assets during a divorce are something that occurs more frequently than people think. People may not want to report how much assets they actually have so that they do not have to give as much to their spouse during the divorce. If you think that your spouse may be hiding assets during your divorce, our Massapequa divorce lawyer at Simonetti & Associates can help you find the answer.
The process of hiding assets:
There are a number of reasons why people will hide assets during a divorce and there are a lot of ways it can be done as well. Most people try to hide assets so that they will not be forced to give up a property or pay more in alimony. Hiding assets can be done in a lot of ways:
- If your spouse a real estate that they do not want the courts or lawyers to find out about, they may try to sign the deed of the house over to another family member or close friend in order to not allow the property to be involved in the divorce.
- Another very common method of hiding assets is through bank accounts. Whether it is transferring money to a separate account or putting money in someone else’s name, this can be a sign of them attempting to hide assets during the divorce.
- Making large and expensive purchases during the divorce can be a way to hide assets. These purchases lessen their income during the divorce and they may try to resell these items post-divorce in order to regain their money.
- Deflating income is another common way to hide assets. Taking a decrease in pay during the time of the divorce or holding off on bonuses until the divorce is final is a way many people try to deflate their income.
Penalties for hiding assets:
If you find that your spouse has in fact been attempting to hide assets during your divorce this can put them in a bit of trouble. A judge has the ability to place penalties on your spouse and force them to pay a portion of the money they tried to hide from you. Our Massapequa divorce lawyer can help make sure that you get the correct amount of money that you are entitled to.
At Simonetti & Associates, our Massapequa divorce lawyer is available to help you if you have a suspicion that your spouse may be hiding assets from you during your divorce. If you would like to make an appointment with us, contact us today.